Source: Company Press Release
 
Scott Tepper, CEO of Horizon Natural Resources announced that U.S. Bankruptcy Judge William S. Howard today confirmed the Company's plan of reorganization which sells the company for $786 million to an investor group led by Wilbur Ross.  Consummation will likely occur in approximately one month, ending the proceeding that began in November 2002.  
 
The plan divides Horizon into two new entities, International Coal Group and Old Ben Coal Company.  Wilbur L. Ross, Jr., Chairman of International Coal Group said, "With the cooperation of the Office of Surface Mining and the states of Kentucky, West Virginia, Illinois, Indiana and Tennessee, we have created the fifth largest U.S. coal company, an enterprise free of contingent liabilities.  Our one billion tons of steam coal reserves and $600 million of highly profitable projected 2005 revenues will provide a basis for consolidating other producers.  Furthermore, Old Ben has been provided with resources estimated to be adequate to deal with its reclamation liabilities and to continue mining those properties that have economically recoverable reserves.  We are proud that the plan meets the regulators' primary objective of leaving no permit behind." 
 
Daniel J. Geiger has been appointed CEO of Old Ben Coal Company.  He had been Vice President, Engineering of James River Coal Company since 1982.  He holds a B.S. in Civil Engineering from Ohio State University.